Aerospace and defense contractor Lockheed Martin posted a less-than-expected 8 percent dip in second-quarter profit — to $942 million — amid continued strength in its aeronautics division.
Sales in its Space Systems unit rose 9 percent to $2.41 billion. But those operations saw a 2 percent slide in operating profit, to $256 million.
A Thompson Reuters composite of analyst forecasts projected Lockheed would post a 7 percent profit rise to $892 million with $12.4 billion in revenue.
“Based on the corporation’s strong results this quarter, we increased our 2017 financial guidance for sales, profit, and earnings,” Chairman-CEO Marillyn Hewson said in releasing the Lockheed financial results July 18.
Lockheed (NYSE: LMT) announced its financial results prior to the market’s opening. Its shares — which have a 52-week trading range of $228.50-$292.57 — closed down $1.70, or .59 percent, at $286.79.